This freehold property offers a noteworthy investment opportunity, consisting of six self-contained flats that generate an annual rental income of approximately £54,000. Located in the well-regarded suburb of Heavitree, just east of Exeter's city centre, the building is close to local amenities including shops, restaurants, and healthcare services. With excellent transport links, including bus services and proximity to train stations, this location is both convenient and desirable for tenants.
The building comprises a mix of accommodation types, from studio flats to two-bedroom apartments, spread over three floors. Notably, some existing rents are potentially below market value due to long-standing tenancies. Therefore, there is significant opportunity for a new owner to implement strategic renovations and adjustments to increase rental income as leases turn over.
Recent improvements include a newly fitted roof, enhancing the property's structure and value. Each flat benefits from its own character and layout; for instance, one garden flat has direct access to a pleasant outdoor space. The grounds offer a lovely front garden and substantial rear garden area that further adds appeal for future tenants.
With an established rental framework but room for growth through refurbishment of some units—particularly those needing maintenance—this investment stands as an attractive option for both seasoned investors and newcomers looking to enter the buy-to-let market.
